Economy

According to the International Monetary Fund, Sri Lanka's GDP in terms of purchasing power parity is second only to the Maldives in the South Asian region in terms of per capita income.

Sri Lanka is famous for the production and export of cinnamon, rubber and Ceylon tea, which remains a trademark national export. While the production and export of tea, rubber, coffee, sugar and other commodities remain important, industrialization has increased the importance of food processing, textiles, telecommunications and finance. The country's main economic sectors are tourism, tea export, clothing, rice production and other agricultural products.

The per capita income of Sri Lanka has doubled since 2005. During the same period, poverty has dropped from 15.2% to 7.6%, unemployment rate has dropped from 7.2% to 4.9%, market capitalization of Colombo Stock Exchange has quadrupled and budget deficit has doubled. Over 90% of the households in Sri Lanka are electrified. 87.3% of the population have access to safe drinking water and 39% have access to pipe-borne water. Sri Lanka's cellular subscriber base has shown a staggering 550% growth, from 2005 to 2010. Sri Lanka was the first country in the South Asian region to introduce 3G, 3.5G HSDPA, 3.75G HSUPA and 4G LTE mobile broadband Internet technologies.

The Global Competitiveness Report, published by the World Economic Forum, has described Sri Lanka's economy as transitioning from the factor-driven stage to the efficiency-driven stage, and that it ranks 52nd in global competitiveness. Also, out of the 142 countries surveyed, Sri Lanka ranked 45th in health and primary education, 32nd in business sophistication, 42nd in innovation, and 41st in goods market efficiency. Sri Lanka ranks 8th in the World Giving Index, registering high levels of contentment and charitable behaviour in its society. Sri Lanka ranks well above other South Asian countries in the Human Development Index (HDI) with 0.750 points.

Sri Lankans have a life expectancy of 77.9 years at birth, which is 10% higher than the world average. The infant mortality rate stands at 8.5 per 1,000 births and the maternal mortality rate at 0.39 per 1,000 births, which is on par with figures from the developed countries.

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